North Korean hacking activity ceases after regulators implement KYC - Report

According to a caller property study published by South Korea's National Intelligence Service (NIS), North Korean hackers person stolen much than 800 cardinal Korean won ($620 million) worthy of cryptocurrencies from decentralized finance, oregon DeFi, platforms this year. The bureau besides revealed it blocked a regular mean of 1.18 cardinal attacks perpetrated by nationalist and planetary hacking organizations successful November. 

However, a NIS spokesperson revealed via section quality outlet Kyunghyang Shinmun that each of the $620 cardinal stolen by North Korean hackers done DeFi exploits occurred overseas, adding: 

"In Korea, virtual plus transactions person been switched to real-name transactions and information has been strengthened, truthful determination is nary damage."

Many funds person been mislaid successful DeFi exploits this year. Source: Token Terminal

In 2021, South Korea implemented caller know-your-customer (KYC) cryptocurrency trading rules requiring clients to make a real-name relationship with the aforesaid slope arsenic their cryptocurrency speech to deposit oregon retreat funds. Both the slope and the speech are past required to verify the client's identity. In addition, exchanges indispensable get a licence from the Financial Services Commission earlier commencing operations.

North Korean hacker syndicates, specified arsenic Lazarus Group, person been linked to a fig of high-profile DeFi breaches this year, specified arsenic the $100 cardinal Harmony attack. Experts said that specified attacks are a means of generating overseas currency reserves successful the look of strict commercialized sanctions imposed by the planetary community. The NIS besides warned that North Korean cyber attacks would intensify adjacent year:

"It is indispensable to analyse attacks arsenic intimately arsenic defenses. Because 1 hacker enactment has each the onslaught accusation and does not hide it. It is indispensable to stitchery accusation related to malicious codification scattered by assorted attackers to find meaningful insights."